January 2018 Jobs Report

Total Jobs Added

+200,000

Month Over Month: +0.1%

3 Month Average: 192,000

Year Over Year: +1.5%

Unemployment Rate

4.1%

Month Over Month: 0.0%

3 Month Average: 4.1%

Year Over Year: -0.7%

The January jobs report from the Bureau of Labor Statistics shows that 200,000 nonfarm jobs were added to the U.S. economy. For the second month in a row, the largest employment gains were seen in health care, construction and manufacturing.

This report beat economists’ predictions, as they were only expecting 180,000 jobs to be added. The unemployment rate continues to hold at 4.1 percent. In continued good news, earnings rose 2.9 percent year-over-year, which is the highest wage growth since June 2009. This has been the missing piece of the puzzle towards meaningful progress post-recession, so economists are encouraged.

The stock market, however, was less impressed. Bond yields rose and stock futures point to a lower open on Wall Street. Many traders expect the Federal Reserve to raise interest rates in March, which could be the reason behind this movement. “Overall, it was really fabulous,” said JJ Kinahan, chief market strategist at TD Ameritrade. “People are just looking for an excuse to sell.”

Interest rates may continue to hike if wages continue to rise, but that would all be good news for the economy. As for the job market itself, expect it to continue to be white hot. Competition for hiring will be fierce, and workers should continue to benefit with higher wages.

Friday’s figures show that 2018 “will be a year of rising wages and the tightest labor market in over a generation,” said Joseph Brusuelas, chief U.S. economist at RSM, an accounting and consulting firm.

Sectors we serve

Financial activities+8,518

Month over month: +0.1%

3 Month Average: +8,510

Year over year: +1.4%

Professional & business services+20,694

Month over month: +0.1%

3 Month Average: +20,670

Year over year: +2.2%

Industries we serve

Finance & insurance+6,292

Month over month: 0.0%

3 Month Average: +6,289

Year over year: +1.0%

Real estate & rental & leasing+2,226

Month over month: +0.3%

3 Month Average: +2,221

Year over year: +2.6%

Accounting & bookkeeping services+972

Month over month: -1.0%

3 Month Average: +980

Year over year: -0.9%

Temporary help services+2,999

Month over month: +0.1%

3 Month Average: +2,999

Year over year: +3.4%

Job Growth By Sector

BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.

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